Agenda - Council - 09/27/2011 - Special

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(f) Developer shall have provided the HRA with the General Contractor's Certification described in Section 4.2. (g) The Developer shall provide the HRA with lien waivers from all persons providing services, labor or materials to be paid for from the Advance. (h) The Developer shall provide the HRA with evidence, reasonably acceptable to the HRA, that the Developer has spent at least $1,000,000.00 of Developer equity on the Project. (i) Commercial Partners Title, LLC or such other title company as reasonably selected by the HRA shall review the status of title to the Development Property and confirm, to the reasonable satisfaction of the HRA, that there have been no liens filed against title to the Development Property other than the lien of a "Project Mortgage," as defined in the Development Agreement. [The HRA and the Developer shall enter into a disbursing agreement with Commercial Partners Title pursuant to which the HRA engages Commercial Partners Title to make Advances to Developer pursuant to the terms of this Agreement.] Section 4.2 Procedures and Requirements for Advances. Except as set forth in Section 4.6, to obtain Advances of the Loans against the Notes, the Developer shall submit to the HRA, no more often than monthly, written Draw Requests stating the amount of the requested Advance and identifying the Contractors or other persons and entities who will be paid from the Advance, and certifying such amounts to be currently payable for costs incurred in connection with the development and construction of the Project. Each Draw Request shall be supported by the General Contractor's certification to the effect that: (a) Any materials to be paid for from the Advance have been delivered to the Development Property, and any construction work to be paid for from the Advance has been completed in a workmanlike manner in accordance with the Final Construction Plans; (b) The funds remaining undisbursed on the Loans together with the funds remaining undisbursed on Developer's Construction Loan, as defined in the Development Agreement, are sufficient to fully complete the Minimum Improvements in accordance with the Final Construction Plans and the certified Construction Costs Statement; and (c) The work is progressing so that it will be completed on or before the Completion Date. Subject to the satisfaction of the requirements set forth in Sections 2.1 and 4.1 and the limitations set forth in Section 4.8, the HRA shall, within ten (10) business days from receipt of a Draw Request and the documentation required by Sections 2.1 and 4.1, disburse proceeds of the Loans directly to the Developer and the other Contractors or other persons and entities identified in the relevant Draw Request; provided that the HRA shall have the right, at its option, to refuse to make Advances should it determine that an Event of Default has occurred and is continuing. 2695614v12 A -7